ECI Telecom (Nasdaq: ECIL) 's Q4 financials show just how gray the atmosphere in the telecommunications sector is, and that the third quarter didn¿t indicate any kind of turnaround. Revenues for the quarter amounted to $232.8 million, an 11.4% drop from the previous reporting period and an even sharper drop from the same period last year, when the company posted $306.2 million revenues.

The company's operating losses amounted to $42.5 million, compared to a $65.1 million loss in Q3 of this year. Net loss was $43.1 million in Q4 or 47 cents per fully diluted share.

One-time expenses were $31.8 million, consisting of $13.3 million on inventory write-offs and an $8.3 million provision for restructuring costs. The company reported an $11.6 million pro forma loss ¿ 12 cents per share, beating average projections by 2 cents.

The company cautioned that the immediate future looks no brighter, expecting a 10-20% drop in revenue in the first half of 2002.

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